[home]       Found Poetry       UTIMCO       Open Records       Daily Texan Clips       Fresh  

University of Texas Investment Management Co. (UTIMCO) Holdings

Updated with the most recent financial disclosure forms, as of 31 January 2014.

The University of Texas Investment Management Co. (UTIMCO) is the primary investment arm of the University of Texas System, and as of 31 Jan 2014, it managed more than $32.6 billion in endowments and operational funds for the University of Texas and Texas A&M Systems. It is a public fund, but it has had issues with transparency.

In late 1999 and the early 2000s, R. G. Ratcliffe of The Houston Chronicle began exposing some highly dubious practices within UTIMCO, especially concerning decisions made under Tom Hicks, who was the first chairman of UTIMCO after it was created in 1996 by then-governor George W. Bush. Many of UTIMCO's investments were found to be directed to Republican coffers and Hicks' business associates; UT Watch has archived these articles online. Hicks later stepped down, and UTIMCO began releasing a detailed schedule of investments for the Permanent University Fund (PUF), which is the main endowment fund for the UT System.

Today, detailed schedules of the investments in the PUF can be found online per a mandate by the UT System Board of Regents: An archive can be found at UTIMCO's Web site. However, more than half of UTIMCO's investments are located in other funds, which means that UTIMCO has a habit of publicly disclosing less than half of its investments. The only way to inspect the contents of these investment vehicles is to request them through an Open Records request. I try to repeat these requests yearly to keep a public record of UTIMCO's holdings.

(These document downloads require Adobe Acrobat Reader or any PDF viewer.)

Detailed schedule of UTIMCO investments
These documents provide a detailed snapshot of UTIMCO's investments in its four main funds.

Fund 2007 Data 2010 Data 2011 Data 2012 Data 2014 Data Fund Details
PUF Aug2007   Apr2010   Mar2011   Jun2012   Jan2014   The Permanent University Fund (PUF) is the UT System's original endowment and is primarily a long-term fund.
GEF Mar2007   Apr2010   Mar2011   Jun2012   Jan2014   The General Endowment Fund (GEF) was created in 2001 as a new pool of long-term investments.
ITF Mar2007   Apr2010   Mar2011   Jun2012   Jan2014   The Intermediate Term Fund (ITF) has long- and short-term horizons.
SIF   Apr2010   Mar2011   Jun2012   Jan2014   Seperately Invested Funds (SIFs) draw from unrestricted private donations, and often include private commercialization funds.
Private Equity Funds throughout UTIMCO history
These documents provide detailed information about UTIMCO's private equity investments since 1996, including the key principles in many private equity and hedge funds:
      Feb. 28, 2007             Nov. 30, 2008             Feb. 28, 2010      
Currently held UTIMCO Private Equity Funds
These documents detail UTIMCO's currently held private equity investments:
      Feb. 28, 2007             Nov. 30, 2008             Feb. 28, 2010      
Private Equity Funds that have cashed out
UTIMCO also released details on Private Equity Funds that had been cashed out, ending UTIMCO's investment in them, and how much they returned. Many returns have been quite good, but some investments have crapped out.
      Feb. 28, 2007             Nov. 30, 2008             Feb. 28, 2010      
UTIMCO Private Equity Funds talking points
This is a one-page boilerplate memo that served as a talking point to justify UTIMCO's investment in these often-risky funds that is typically included with their documents:
      Feb. 28, 2007             Nov. 30, 2008             Feb. 28, 2010      
Hedge Funds and amounts held by UTIMCO
After another round of prodding, UTIMCO finally released detailed information about their hedge fund investments. The first schedule of investments was accurate to March 31, 2007. The most current extends to March 31, 2011.
Compact schedule of UTIMCO's alternative investments
Finally, UTIMCO released a compact, one-page list of their investments in some select hedge funds and private equity firms (they refer to both of these funds as "alternative investments"), as of December 31, 2006. This does not include all such investments, but is extremely useful in tracking down the key principal(s) that manage these (as of now) unregulated funds.

Holdings from 2002-2003
UT Watch, a once-active student organization, maintains some of these documents dating back to 2002-2003, although their requests ended around May 2003.